Changes and trends in the external market for Crown Hotel and Casino Assignment

Changes and trends in the external market for Crown Hotel and Casino - Assignment Example re process of formulating a workable strategic management plan for understanding changes and trends in the external market and how to address challenges that may arise. Over the past, the Casino and Hotel industry has grown in spite of competition from other companies and online gambling sites. Income is estimated to increase by rough a compound annual 2.8% over the last five years through 2014-2015. A greater per capita betting outflow has been instrumental in terms of financial performance, with customersindicating high demand for more gaming services. Additionally, the increase in discretionary income levels has further played an essential role for revenue growth. This is attributed to its customers having spent more money on non-essential services such as casino gambling services. Political factors play an essential role as companies such as the Crown Hotel and Casino strive to gain competitive advantage in the present intricate market. Government policies remain a major challenge for Crown since government decisions affect the daily running of business at Crown. These policies attempt to control how Crown should carry out its gambling services to a diverse range of consumers from different countries. For instance the government of China has been against excessive gambling and limiting gambling opportunities for Chinese citizens in their own country may prompt them to venture into gambling in other parts of the world such as Australia thus an increase in Crown Hotel and Casino business owing to its prestige and big image. In many organizations, political factor licensing plays a significant role in determining the success of Crown. According to Business review weekly: BRW, Casino is believed to raise 18% of Australia’s $19 billion from gambling industr y alone (2001, p 2). However, it is essential to highlight on how they are run and regulated. In this regard, Crown Casino has gone under the radar since it focuses on gambling in pubs and clubs. It raises